Frequently Asked Questions

The Personal Finance Decathlon is a student competition where students in grades 9-12 demonstrate their knowledge of personal finance by taking an online test covering ten areas of personal finance and how it is applied to daily life.

1. Thinking Economically

2. Earning Income

3. Paying Taxes

4. Budgeting

5. Saving

6. Financial Planning

7. Investing 

8. Borrowing 

9. Banking & Financial Institutions

10. Insuring

All Minnesota high school students are eligible. Teachers can register as many teams as they like, with 3-4 students on each team.

Note: All students on a team must be from the same school or club. 

*Students enrolled in a PSEO Economics/Personal Finance class are not eligible to compete. 

Teams of students (3-4 per team) will compete in an online test of the ten areas of personal finance. The top twelve schools (based on score) will advance to the state competition, where students will analyze and present to a panel of judges on a case study. 

The winning team from the state competition may advance to the National Personal Finance Challenge in June.

Team Composition

1. Teams shall be comprised of three to four members.

2. All members of a team must be from the same high school or club.

3. Students enrolled in a PSEO Economics/Personal Finance class are not eligible to compete.  

4. A team that qualifies for the State Competition may reconstitute the members of its team prior to the competition.  At least 1 team member must be from the original team. All team members must have competed in the Regional Competition.

Online Competition Rules

1. Supervision must be provided to ensure legitimacy of results. *MCEE is available to help with virtual proctoring if needed. 

2. Team members must be separated during the online competition.

3. During the online competition, students are allowed a blank piece of paper and pen or pencil.

4. Calculators, phones, and/or other electronic devices are not allowed. The use of the internet or other resource materials is prohibited.

The team score is comprised of the top three individual scores of team members. 

Qualifying for the State Competition

1. Twelve teams/schools will be invited to participate at the state competition.

2. The twelve invited teams/schools will be the teams with the highest score in the online competition. If a school has more than one team that qualifies, the next highest score will fill the spot (schools advance from the first round to the state round, not teams since you can reconstitute teams).

3. If fewer than 12 teams compete online, up to two teams per school may be invited to the state competition.

State Competition Format - 2022/23 Details will be updated soon!

Each team will be given a case study with incomplete financial information about a fictional individual's or family's situation. Teams will have 90 minutes to study and analyze the case study and prepare a presentation providing comprehensive financial planning for the family. Students will have access to the internet during this time. After their preparation time has ended, teams will present to a panel of judges. The top four teams will present again to the full panel of eight judges in order to select the team representing Minnesota at the National Personal Finance Challenge competition in May.

There is no registration or entry fee to participate in the Personal Finance Decathlon, however all teams will need to invest time and effort to prepare for the competition. Qualifying teams will be responsible for transportation costs to, and from, the state competition venue.  Please connect with MCEE if this hinders your participation in the state competition.

Registration opens January 1.

Visit the Registration page to see more dates and information.

Visit the  registration page which includes dates, forms, instructions, and deadlines for each competition.

Yes, however all of the participating students in the fall semester course must take the test at the same time and all the spring semester students must take their tests at the same time. 

The spring and fall courses can test on different dates from each other, however the students in each course cannot take the tests at a different time from their classmates.  *Students must test within two days of one another.

We recommend that you try to have all team members test simultaneously, but we recognize that isn't always possible. It's not necessary for all students on a team to take the test at the same time.  *Students must test within two days of one another. 

Teacher Toolkit - Curated by the national Council on Economic Education

We recommend reviewing sample tests and practicing with some of our other resources.

• • Overview of Ten Areas of Personal Finance

  • Sample Multiple Choice Questions

  • 2024 Case Study 

  • 2023 Case Study

  • 2022 Case Study

  • 2021 Case Study

  • Sample Case Study

  • Sample Case Study

  • Past National Competition Tests - Case Study Round

  • Past National Competition Tests - Multiple-Choice Round

The national Council on Economic Education has created a three session webinar series (on-demand) which is great for newcomers and veteran teachers.  The series covers the six standards of personal finance, features two lesson plan demonstrations for each standard, and finally, ties all the learning back to the competition. 

Webinar 1  |  Webinar 2  |  Webinar 3

Ready Assessments is a free educational technology tool where you can easily access ready-made K-12 personal finance and economics tests and quizzes on EconEdLink.org.  This tool offers:

• Over 2,800 personal finance and economics national standards aligned questions.

• Ready-made tests including 8 nationally normed pre- and post-tests like Test of Economic Literacy, Test of Economic Knowledge, Test of Understanding College Economics - Macro, Basic Finance Test, Test of Financial Literacy, and more!

• Simple rostering using class codes.

• Auto-grading with built-in gradebook and reports.

Round 1 Competition:

• 1st Place Team: $75/student | 2nd Place Team: $50/student | 3rd Place Team: $25/student 

• Teacher Prize for 1st-3rd Place: $100

• 1st-3rd Place Team Trophy & Certificate

State Competition:

• 1st Place Team: $75/student | 2nd Place Team: $50/student | 3rd Place Team: $25/student 

• Teacher Prize for 1st-3rd Place: $100

• 1st-3rd Place Team Trophy & Certificate

• All participating students and teachers receive a t-shirt

Round 1/Regional Competition Online Format

The sum of the top three individual scores on each team makes up the team score. Scoring on individual tests are as follows:

• The online Personal Finance Decathlon will have a single 30-question test, with a 35-minute time limit; this exam must be completed in one sitting.

• Students must submit an answer to move on to the next question – there is no deduction in points for an incorrect answer. (+10 for correct, +0 for incorrect, +0 for any questions unanswered when time runs out); maximum score of 300.

Round 2: State Competition Format - 2022/23 Details will be updated soon!

• Students will have 90 minutes with a case study to prepare and will present for 5-8 minutes. ; 2 additional minutes for judge questions (cannot exceed 10 minutes)

  • 40 minutes to create the Monthly Cash Flow Statement

    • Students will complete this both on the provided Google Sheet and a written copy.

  • 50 minutes to prepare a presentation of recommendations for a fictional family based on the case study.  

    • Blank Google Slides Provided

• Notes are allowed during the presentation

• Judges will score on a 0-3 scale in the following categories:

  • Content: Topic: Students address the case study topics adequately and appropriately in their presentation.

  • Content: Personal Finance Understanding: Students demonstrate comprehension of relevant principles and concepts of personal finance in their presentation.

  • Process Explanation: Students clearly explain and justify their approach to, and process of, forming recommendations in their presentation.

  • Recommendations: Students present specific, robust, relevant, and concise recommendations in their presentation.

  • Teamwork: Students participate equally in the presentation, with all parts flowing together seamlessly and logically.

  • Presentation: Visual Aids: Visual aids and graphics used in the presentation are effective, relevant, and well-explained.

  • Presentation: Clear Communication: Students clearly communicate their recommendations and viewpoint professionally and in a manner appropriate to the case study context, understandable for a general audience. 

Round 3: National Competition

Students will have 2 hours with a case study to prepare and will present afterwards.

The online competition runs until mid- to late-March. Shortly after the conclusion of the online competition, schools will be notified if they have qualified for the state competition. Visit the  registration page which includes dates, forms, instructions, and deadlines for each competition.

Additionally, qualifying teams will be posted on MCEE social media.

The state competition will run from approximately 8 AM to 2:15 PM. A continental breakfast will be provided in the morning and lunch will be provided after the first round of presentations.

Note: This tentative schedule may be subject to change.